NEW YORK (CelebrityAccess) — Satellite broadcaster/streamer SiriusXM on Thursday announced financial results for its fiscal second quarter of 2024.
Revenue for the period was $2.18 billion, down 3% from the same period last year, according to the company’s financial filings.
Net income increased slightly from $310 million in the second quarter of 2023 to $316 million in the second quarter of 2024, while net income per diluted common share remained flat at $0.08.
EBITDA improved to US$702 million in the second quarter of 2024, an increase of 8% from the first quarter and the same as the same period last year. According to the company, this stability was driven by lower subscriber revenue and higher sales and marketing costs, offset by lower costs.
Services, personnel-related expenses and general and administrative expenses.
SiriusXM lost approximately 100,000 self-pay customers during the quarter, an improvement from the prior year’s second quarter as voluntary churn declined and automaker sales increased, but vehicle-related churn increased, vehicle conversions declined and This impact was partially offset by net streaming gains. The churn rate for self-service paid subscriptions was stable at 1.5%, consistent with the same period in 2023.
According to SiriusXM statistics, the company’s total user base remains at 33 million, a 2% increase from last year’s second quarter. Advertising revenue was stable at $400 million compared to the second quarter of 2023 and grew 10% compared to the first quarter of 2024.
However, the company said the number of subscribers fell by 41,000 in the second quarter of 2024 to 6 million at the end of the quarter.
